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FAIR VALUE MEASUREMENTS, INCLUDING DERIVATIVES (Tables)
9 Months Ended
Sep. 30, 2011
FAIR VALUE MEASUREMENTS, INCLUDING DERIVATIVES 
Fair value measurements, and the level within the fair value hierarchy in which the measurements fall

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

Quoted Prices in Active

 

Significant Other

 

 

 

 

 

Markets for Identical Assets

 

Observable Inputs

 

Millions of dollars

 

(Level 1)

 

(Level 2)

 

As of September 30, 2011

 

 

 

 

 

Assets -

 

Available for sale securities

 

$                3

 

$                  -

 

 

 

Interest rate contracts

 

-

 

1

 

 

 

Energy management contracts

 

-

 

13

 

Liabilities -

 

Interest rate contracts

 

-

 

149

 

 

 

Commodity contracts

 

4

 

9

 

 

 

Energy management contracts

 

-

 

12

 

 

 

 

 

 

 

 

 

As of December 31, 2010

 

 

 

 

 

Assets -

 

Available for sale securities

 

$                3

 

$                  -

 

 

 

Interest rate contracts

 

-

 

8

 

 

 

Commodity contracts

 

2

 

2

 

 

 

Energy management contracts

 

-

 

9

 

Liabilities -

 

Interest rate contracts

 

-

 

82

 

 

 

Commodity contracts

 

1

 

6

 

 

 

Energy management contracts

 

-

 

11

Financial instruments for which the carrying amount may not equal estimated fair value

 

 

 

 

September 30, 2011

 

December 31, 2010

 

Millions of dollars

 

Carrying
Amount

 

Estimated
Fair
Value

 

Carrying
Amount

 

Estimated
Fair
Value

 

Long-term debt

 

$

 4,660.6

 

$

 5,401.3

 

$

 4,488.3

 

$

 4,840.5